According to an official letter released, the Reserve Bank of India has approved the reappointment of Mr. Sanjay Agarwal as Managing Director& CEO and Mr. Uttam Tibrewal as the Whole Time Director of AU Small Finance Bank Limited (“Bank”).
It was informed in the letter that Reserve Bank of India has approved:
● The re-appointment of Mr. Sanjay Agarwal as Managing Director and CEO for the period of three years i.e., from 19th April, 2023 till 18th April, 2026.
●The re-appointment of Mr. Uttam Tibrewal as Whole Time Director for the period of three years i.e., from 19th April, 2023 till 18th April, 2026.
Further it stated, that “the Shareholders had already approved the re-appointment via postal ballot on 09th March, 2022.
Since, Small Finance Banks such as the AU Small Finance Ban are regulated by the Reserve Bank of India (RBI), the re-appointments had to be approved first by the central bank.